Petroleum-Engine Cargo Trucks Market

The global market for goods vehicles with spark-ignition internal combustion piston engines is on the rise, with a projected CAGR of +1.2% in volume and +3.3% in value from 2022 to 2030. The United States, Canada, and China are leading consumers, while Mexico is the top producer and exporter. Import prices vary by country, with the United States having the highest export price. Spain has shown significant growth in both production and exports.

Market Forecast

Driven by increasing demand for goods vehicles, with spark-ignition internal combustion piston engine worldwide, the market is expected to continue an upward consumption trend over the next eight years. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.2% for the period from 2022 to 2030, which is projected to bring the market volume to 2.2M units by the end of 2030.

In value terms, the market is forecast to increase with an anticipated CAGR of +3.3% for the period from 2022 to 2030, which is projected to bring the market value to $62.5B (in nominal prices) by the end of 2030.

Consumption

World Consumption of Goods Vehicles, With Spark-Ignition Internal Combustion Piston Engine

For the fourth consecutive year, the global market recorded growth in consumption of goods vehicles, with spark-ignition internal combustion piston engine, which increased by 0.3% to 2M units in 2022. The total consumption volume increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained consistent, with only minor fluctuations being observed in certain years. Over the period under review, global consumption reached the peak volume in 2022 and is expected to retain growth in the immediate term.

The global petroleum-engine cargo trucks market value rose to $48.1B in 2022, increasing by 4.8% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.5% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2019 when the market value increased by 9.3%. Global consumption peaked in 2022 and is likely to see gradual growth in the near future.

Consumption By Country

The countries with the highest volumes of consumption in 2022 were the United States (383K units), Canada (318K units) and China (190K units), together comprising 45% of global consumption. Spain, India, Brazil, Russia, Indonesia, Germany, Mexico, Australia and the UK lagged somewhat behind, together comprising a further 25%.

From 2012 to 2022, the biggest increases were recorded for Spain (with a CAGR of +24.6%), while consumption for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($9.8B), Canada ($8.6B) and India ($6B) were the countries with the highest levels of market value in 2022, with a combined 51% share of the global market. Spain, China, Mexico, Australia, Indonesia, Germany, Brazil, Russia and the UK lagged somewhat behind, together accounting for a further 23%.

In terms of the main consuming countries, Spain, with a CAGR of +23.6%, recorded the highest growth rate of market size over the period under review, while market for the other global leaders experienced more modest paces of growth.

In 2022, the highest levels of petroleum-engine cargo trucks per capita consumption was registered in Canada (8.2 units per 1000 persons), followed by Spain (2.4 units per 1000 persons), Australia (1.3 units per 1000 persons) and the United States (1.1 units per 1000 persons), while the world average per capita consumption of petroleum-engine cargo trucks was estimated at less than 0.1 units per 1000 persons.

From 2012 to 2022, the average annual rate of growth in terms of the petroleum-engine cargo trucks per capita consumption in Canada totaled -2.9%. The remaining consuming countries recorded the following average annual rates of per capita consumption growth: Spain (+24.5% per year) and Australia (+13.9% per year).

Production

World Production of Goods Vehicles, With Spark-Ignition Internal Combustion Piston Engine

In 2022, approx. 2.3M units of goods vehicles, with spark-ignition internal combustion piston engine were produced worldwide; increasing by 9.7% against 2021 figures. Overall, the total production indicated a prominent expansion from 2012 to 2022: its volume increased at an average annual rate of +5.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production increased by +67.8% against 2012 indices. The pace of growth appeared the most rapid in 2016 with an increase of 12% against the previous year. Global production peaked in 2022 and is likely to see steady growth in the immediate term.

In value terms, petroleum-engine cargo trucks production reached $43.6B in 2022 estimated in export price. The total output value increased at an average annual rate of +2.7% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The growth pace was the most rapid in 2019 when the production volume increased by 9.2% against the previous year. Global production peaked in 2022 and is likely to continue growth in the immediate term.

Production By Country

The country with the largest volume of petroleum-engine cargo trucks production was Mexico (1M units), accounting for 45% of total volume. Moreover, petroleum-engine cargo trucks production in Mexico exceeded the figures recorded by the second-largest producer, China (318K units), threefold. Spain (170K units) ranked third in terms of total production with a 7.4% share.

In Mexico, petroleum-engine cargo trucks production increased at an average annual rate of +11.2% over the period from 2012-2022. In the other countries, the average annual rates were as follows: China (+3.6% per year) and Spain (+25.1% per year).

Imports

World Imports of Goods Vehicles, With Spark-Ignition Internal Combustion Piston Engine

In 2022, global petroleum-engine cargo trucks imports amounted to 1.7M units, increasing by 4% compared with 2021. The total import volume increased at an average annual rate of +1.8% from 2012 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations being observed throughout the analyzed period. The most prominent rate of growth was recorded in 2021 with an increase of 17% against the previous year. Global imports peaked at 1.9M units in 2019; however, from 2020 to 2022, imports stood at a somewhat lower figure.

In value terms, petroleum-engine cargo trucks imports rose notably to $42.6B in 2022. The total import value increased at an average annual rate of +3.8% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 20%. Global imports peaked in 2022 and are likely to continue growth in the immediate term.

Imports By Country

In 2022, the United States (730K units) was the major importer of goods vehicles, with spark-ignition internal combustion piston engine, mixing up 44% of total imports. It was distantly followed by Canada (406K units), achieving a 24% share of total imports. The following importers - Mexico (50K units), Australia (35K units) and Germany (28K units) - together made up 6.8% of total imports.

From 2012 to 2022, the biggest increases were recorded for Australia (with a CAGR of +15.3%), while purchases for the other global leaders experienced more modest paces of growth.

In value terms, the United States ($19.7B), Canada ($11.7B) and Mexico ($1.4B) were the countries with the highest levels of imports in 2022, with a combined 77% share of global imports. Australia and Germany lagged somewhat behind, together comprising a further 3.5%.

Australia, with a CAGR of +12.8%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other global leaders experienced more modest paces of growth.

Import Prices By Country

The average petroleum-engine cargo trucks import price stood at $25,568 per unit in 2022, picking up by 8.7% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.9%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Mexico ($29,231 per unit), while Germany ($18,106 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Canada (+3.1%), while the other global leaders experienced more modest paces of growth.

Exports

World Exports of Goods Vehicles, With Spark-Ignition Internal Combustion Piston Engine

In 2022, approx. 2M units of goods vehicles, with spark-ignition internal combustion piston engine were exported worldwide; jumping by 15% on 2021 figures. Overall, total exports indicated a buoyant increase from 2012 to 2022: its volume increased at an average annual rate of +6.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +45.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 26% against the previous year. The global exports peaked in 2022 and are likely to continue growth in the near future.

In value terms, petroleum-engine cargo trucks exports expanded sharply to $44B in 2022. In general, total exports indicated resilient growth from 2012 to 2022: its value increased at an average annual rate of +5.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +40.3% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by 24%. Over the period under review, the global exports hit record highs in 2022 and are expected to retain growth in years to come.

Exports By Country

Mexico was the key exporter of goods vehicles, with spark-ignition internal combustion piston engine in the world, with the volume of exports reaching 1M units, which was near 52% of total exports in 2022. The United States (348K units) held an 18% share (based on physical terms) of total exports, which put it in second place, followed by China (6.9%). Canada (88K units), Spain (62K units), Thailand (49K units), Japan (48K units) and Brazil (35K units) held a little share of total exports.

Exports from Mexico increased at an average annual rate of +10.5% from 2012 to 2022. At the same time, Spain (+26.6%), Canada (+25.5%), China (+14.4%) and Brazil (+3.5%) displayed positive paces of growth. Moreover, Spain emerged as the fastest-growing exporter exported in the world, with a CAGR of +26.6% from 2012-2022. The United States experienced a relatively flat trend pattern. By contrast, Japan (-1.8%) and Thailand (-8.6%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Mexico, China, Canada and Spain increased by +18, +3.7, +3.6 and +2.6 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mexico ($22.2B), the United States ($11.6B) and Canada ($2B) were the countries with the highest levels of exports in 2022, together comprising 81% of global exports. Spain, China, Japan, Thailand and Brazil lagged somewhat behind, together comprising a further 11%.

Spain, with a CAGR of +26.3%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other global leaders experienced more modest paces of growth.

Export Prices By Country

The average petroleum-engine cargo trucks export price stood at $22,182 per unit in 2022, with a decrease of -1.9% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 5.7% against the previous year. Over the period under review, the average export prices hit record highs at $23,385 per unit in 2014; however, from 2015 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was the United States ($33,399 per unit), while China ($8,303 per unit) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+3.5%), while the other global leaders experienced a decline in the export price figures.

Source: IndexBox Market Intelligence Platform